Palumbo Wealth Management LLC Has $162,000 Stake in Infinera Co. (NASDAQ:INFN)

Palumbo Wealth Management LLC grew its holdings in Infinera Co. (NASDAQ:INFN) by 8.4% during the third quarter, Holdings Channel.com reports. The firm owned 23,954 shares of the communications equipment provider’s stock after buying an additional 1,850 shares during the period. Palumbo Wealth Management LLC’s holdings in Infinera were worth $162,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in INFN. Vanguard Group Inc. increased its holdings in Infinera by 9.3% in the first quarter. Vanguard Group Inc. now owns 27,049,371 shares of the communications equipment provider’s stock worth $163,108,000 after buying an additional 2,299,025 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Infinera in the first quarter worth approximately $627,000. Susquehanna Fundamental Investments LLC acquired a new position in Infinera in the first quarter worth approximately $759,000. AMH Equity Ltd acquired a new position in Infinera during the first quarter valued at approximately $1,990,000. Finally, First Hawaiian Bank acquired a new position in Infinera during the second quarter valued at approximately $666,000. Institutional investors and hedge funds own 97.54% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. StockNews.com downgraded Infinera from a “hold” rating to a “sell” rating in a report on Monday, October 21st. B. Riley dropped their target price on Infinera from $9.00 to $6.65 and set a “buy” rating for the company in a report on Monday, August 5th. Rosenblatt Securities downgraded Infinera from a “buy” rating to a “neutral” rating and cut their price objective for the company from $8.00 to $6.65 in a research report on Monday, August 5th. JPMorgan Chase & Co. lifted their price objective on Infinera from $5.00 to $6.00 and gave the company an “underweight” rating in a research report on Tuesday, August 6th. Finally, Berenberg Bank raised Infinera to a “hold” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Infinera presently has an average rating of “Hold” and an average target price of $7.09.

Infinera Stock Performance

INFN remained flat at $6.74 on Thursday. The company had a trading volume of 51,716 shares, compared to its average volume of 5,149,593. Infinera Co. has a fifty-two week low of $2.83 and a fifty-two week high of $6.92. The company has a market cap of $1.58 billion, a P/E ratio of -19.82 and a beta of 1.72. The company has a current ratio of 1.57, a quick ratio of 0.94 and a debt-to-equity ratio of 5.02. The company has a 50 day moving average price of $6.57 and a two-hundred day moving average price of $5.90.

Infinera (NASDAQ:INFN) last released its earnings results on Friday, August 2nd. The communications equipment provider reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. Infinera had a negative return on equity of 31.63% and a negative net margin of 7.10%. The firm had revenue of $342.70 million during the quarter, compared to analysts’ expectations of $331.71 million. Infinera’s revenue was down 8.9% compared to the same quarter last year. As a group, equities research analysts expect that Infinera Co. will post -0.17 EPS for the current fiscal year.

About Infinera

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms.